ADDS analyst comments, share prices, forex rates
Tokyo stocks closed lower Tuesday on concerns over the outlook for rising US interest rates, with investors also cautious ahead of Japan’s earnings season.
The benchmark Nikkei 225 index lost 0.94 percent, or 267.59 points, to 28,230.61 yen, while the broader Topix index fell 0.70 percent, or 13.90 points, to 1,982.68.
“The market faced selling pressure against the backdrop of expectations for a rise in long-term US interest rates,” said Yoshihiro Okumura of Chibagin Asset Management.
“Rising oil prices also weighed on the market,” Okumura told AFP.
All three major Wall Street indexes closed with losses on Monday as West Texas Intermediate oil for delivery in November traded at $80.52 a barrel late Monday in New York, its first time above $80 since October 2014.
“Trading is expected to be cautious for now ahead of Japan’s earnings season,” Okumura said.
The dollar stood at 113.45 yen, down from 113.16 yen in New York Monday, but still up from 111.88 yen on Friday.
In Tokyo, Uniqlo operator Fast Retailing plunged 3.27 percent to 71,110 yen with SoftBank Group down 2.41 percent to 6,261 yen.
But energy-related shares gained ground thanks to rising oil prices. Energy developer INPEX rallied 1.76 percent to 982 yen with Japan Petroleum Exploration up 1.16 percent at 2,262 yen.
Automakers also advanced due to a weak yen. Toyota added 0.78 percent to 2,002.5 yen and Nissan was up 2.44 percent at 578.2 yen.